FG Targets Additional 810,000bpd Crude from Deepwater Fields   The Federal Government has unveiled plans to unlock an additional 810,000 barrels of crude oil per day from Nigeria’s deepwater oil fields through a new cluster and nodal development initiative. The initiative, championed by the Nigerian Upstream Petroleum...

FG Rakes in N12trn from Oil Royalties as Naira Depreciates   The Federal Government’s earnings from oil royalties and others ballooned from about N4tn to N12tn following the devaluation of the naira. This represents a 200 per cent jump in earnings to the government through its...

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has generated a total sum of N28.11bn in miscellaneous oil revenue tied to licensing fees and renewals within the first five months of 2025.

FG to Withdraw Oil Licenses from Non-Active Operators   The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has told oil producers that it is set to implement the ‘drill or drop’ policy. The Chief Executive of the NUPRC, Gbenga Komolafe, disclosed this when he received a delegation...

$600bn Needed Annually for Africa's Energy Development - NUPRC    The Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Gbenga Komolafe, has said that Africa will require more than $600bn annually in upstream oil and gas investment to meet its fast-growing energy demands. He...

Nigeria's Crude Oil Reserves Now 37.28bn Barrels - NUPRC   The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has declared the country’s official petroleum reserves position, revealing a staggering 37.28 billion barrels of crude oil and condensate, alongside an eye-popping 210.54 trillion cubic feet of natural gas. This...